308 5th Ave · New Rochelle, NY 10801

$1,125,000

9 bd · 3.9 ba · 3,600 sqft · MultiFamily · 323 Days on market

Built 1950 Fair condition 3,920 sqft lot $312/sqft · 33% below area Est $1673k · 33% under

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +19.5/30.0
• ARV discount +15.0/15.0
• DSCR +6.2/10.0
• Schools +5.7/10.0
• 1% rule +5.2/10.0
• Livability +3.5/5.0
• Rent growth +2.9/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

A versatile property currently leased to Iona University tenants. The home features a separate two-car garage rented on a month-to-month basis, offering additional income potential. Bonus features include coin-operated laundry machines included in the sale, adding further revenue opportunity. Whether you're looking to invest or live in a prime location close to campus, shopping, and transportation—this property is a smart move.

Key facts

• Two-car garage
• Prime location
• 3,920 sq ft lot

Tags

• TWO-CAR GARAGE
• COIN-OPERATED LAUNDRY
• PRIME LOCATION

🏷️ Possibly a rental listed for sale. The $1,125,000 price doesn't fit this home's estimated sale value (~$1,672,994) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/?-bath units multifamily listed at $1.12M. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $425/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $1.12M).
• Recommended offer: $990k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 4.5% in New Rochelle — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 69/100 on livability (#487 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, crime A, amenities B+; Watch: housing D+, commute F, cost of living F.
• New Rochelle City School District (suburban): math 63% / reading 66% proficiency, ranked #171 of 590 in NY (top 29%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.4%/yr); 138 active listings in the ZIP; solid renter incomes; 954 units permitted in Westchester County in 2024 (649 in 5+ unit buildings).
• At $11,454/mo this rent would consume 161% of the median local household income ($86k/yr) (locally 2797% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $34k of value loss. Plan a longer hold.
• Westchester County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 323 days — a 12% lower offer ($990k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 8y ago; this cycle's ask has dropped $75k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $860k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $990,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 323 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.02% ✓
• Cap rate: 7.65%
• Cash-on-cash: 4.85%
• DSCR: 1.22
• GRM: 8.2

CMA / ARV

• ARV (median comp): $1,672,994
• List price: $1,125,000
• Delta: -32.76%
• Verdict: UNDERPRICED
• Comps: 17 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.42% rent growth · sell at horizon

5-year hold

• IRR: -10.5%
• Equity multiple: 0.62×
• Total profit: $-118,909
• Equity at exit: $167,741

10-year hold

• IRR: -3.6%
• Equity multiple: 0.78×
• Total profit: $-69,619
• Equity at exit: $97,269

Cash invested: $315,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 10801

• Rents YoY: 1.4%
• Active inventory: 138
• Price-to-rent: 24.6×

Monthly cashflow live

• Estimated rent: $11,454 high
• Mortgage (P&I): −$5,900
• Tax est. 1.5%: −$1,406 /mo · $16,875/yr
• Insurance: −$469
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,405
• Net cashflow: $1,274

Break-even live

Break-even rent $9,841

Max offer price $1,125,000

Occupancy floor 84%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$11,454
Total (3 units)			$11,454

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $281,250
• Closing costs: $33,750
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $1,125,000 Active 323 DOM
2. 2026-06-17
   days on market $1,125,000 Active 322 DOM
3. 2026-06-16
   days on market $1,125,000 Active 321 DOM
4. 2026-06-15
   days on market $1,125,000 Active 320 DOM
5. 2026-06-13
   days on market $1,125,000 Active 318 DOM
6. 2026-06-09
   days on market $1,125,000 Active 314 DOM
7. 2026-06-08
   days on market $1,125,000 Active 313 DOM
8. 2026-06-07
   days on market $1,125,000 Active 312 DOM
9. 2026-06-04
   days on market $1,125,000 Active 309 DOM
10. 2026-06-03
    days on market $1,125,000 Active 308 DOM
11. 2026-06-02
    days on market $1,125,000 Active 307 DOM
12. 2026-06-01
    days on market $1,125,000 Active 306 DOM
13. 2026-05-31
    days on market $1,125,000 Active 305 DOM
14. 2026-05-06
    price $1,125,000 437-char remark

    Show marketing remark (437 chars)

    A versatile property currently leased to Iona University tenants. The home features a separate two-car garage rented on a month-to-month basis, offering additional income potential. Bonus features include coin-operated laundry machines included in the sale, adding further revenue opportunity. Whether you're looking to invest or live in a prime location close to campus, shopping, and transportation—this property is a smart move.

15. 2026-01-01
    status Active 437-char remark

    Show marketing remark (437 chars)

    A versatile property currently leased to Iona University tenants. The home features a separate two-car garage rented on a month-to-month basis, offering additional income potential. Bonus features include coin-operated laundry machines included in the sale, adding further revenue opportunity. Whether you're looking to invest or live in a prime location close to campus, shopping, and transportation—this property is a smart move.

16. 2026-01-01
    historical 437-char remark

    Show marketing remark (437 chars)

    A versatile property currently leased to Iona University tenants. The home features a separate two-car garage rented on a month-to-month basis, offering additional income potential. Bonus features include coin-operated laundry machines included in the sale, adding further revenue opportunity. Whether you're looking to invest or live in a prime location close to campus, shopping, and transportation—this property is a smart move.

17. 2025-08-22
    price $1,150,000 437-char remark

    Show marketing remark (437 chars)

    A versatile property currently leased to Iona University tenants. The home features a separate two-car garage rented on a month-to-month basis, offering additional income potential. Bonus features include coin-operated laundry machines included in the sale, adding further revenue opportunity. Whether you're looking to invest or live in a prime location close to campus, shopping, and transportation—this property is a smart move.

18. 2025-07-29
    listed $1,200,000 Active 437-char remark

    Show marketing remark (437 chars)

    A versatile property currently leased to Iona University tenants. The home features a separate two-car garage rented on a month-to-month basis, offering additional income potential. Bonus features include coin-operated laundry machines included in the sale, adding further revenue opportunity. Whether you're looking to invest or live in a prime location close to campus, shopping, and transportation—this property is a smart move.

19. 2023-07-03
    soldstatus $860,000 Closed 395-char remark

    Show marketing remark (395 chars)

    VERY large multi-family home (~3,600 square feet) with detached two car garage. Unit 1 is a duplex with 5 bedrooms, 3 full bathrooms, large great room with an eat-in-kitchen as well as a large living room. Unit 2 is a large 3-bedroom, 1 full bathroom, living room and eat-in-kitchen. Close to Iona University. Additional Information: HeatingFuel:Oil Below Ground,ParkingFeatures:2 Car Detached,

20. 2023-04-27
    status Pending 395-char remark

    Show marketing remark (395 chars)

    VERY large multi-family home (~3,600 square feet) with detached two car garage. Unit 1 is a duplex with 5 bedrooms, 3 full bathrooms, large great room with an eat-in-kitchen as well as a large living room. Unit 2 is a large 3-bedroom, 1 full bathroom, living room and eat-in-kitchen. Close to Iona University. Additional Information: HeatingFuel:Oil Below Ground,ParkingFeatures:2 Car Detached,

21. 2023-04-17
    listed $889,000 Active 395-char remark

    Show marketing remark (395 chars)

    VERY large multi-family home (~3,600 square feet) with detached two car garage. Unit 1 is a duplex with 5 bedrooms, 3 full bathrooms, large great room with an eat-in-kitchen as well as a large living room. Unit 2 is a large 3-bedroom, 1 full bathroom, living room and eat-in-kitchen. Close to Iona University. Additional Information: HeatingFuel:Oil Below Ground,ParkingFeatures:2 Car Detached,

22. 2018-04-11
    soldstatus $505,000 Sold
23. 2018-03-28
    historical Pending
24. 2018-03-01
    listed $497,500 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $137,448
• − Mortgage interest: −$63,017
• − Property taxes: −$16,875
• − Insurance: −$5,625
• − Repairs & maintenance: −$10,996
• − Management: −$10,996
• − Depreciation: −$32,727
• Taxable loss: −$2,788
• Est. tax savings @ 24.0%: +$669
• After-tax cash flow: $15,958/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This multi-family home requires significant updates to its kitchen, bathrooms, roof, exterior, and HVAC system to improve its condition and increase its value.

Repairs flagged

• Major kitchen cabinets — dated and in poor condition
• Major bathroom fixtures — outdated and cluttered
• Major roof shingles — visible wear and tear
• Major exterior siding — appears aged
• Major HVAC unit — visible rust and potential inefficiency

Value-add opportunities

• Both update kitchen cabinets and fixtures — modernizing the kitchen will improve both resale and rental value
• Both replace roof shingles — a new roof will significantly increase the home's value
• Both update exterior siding — new siding will enhance curb appeal and increase value
• Both replace HVAC unit — a new, energy-efficient HVAC system will improve comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in poor condition	Major	$15,000–50,000
bathroom fixtures · outdated and cluttered	Major	$15,000–50,000
roof shingles · visible wear and tear	Major	$15,000–50,000
exterior siding · appears aged	Major	$15,000–50,000
HVAC unit · visible rust and potential inefficiency	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both update kitchen cabinets and fixtures — modernizing the kitchen will improve both resale and rental value ↑
• Both replace roof shingles — a new roof will significantly increase the home's value ↑
• Both update exterior siding — new siding will enhance curb appeal and increase value ↑
• Both replace HVAC unit — a new, energy-efficient HVAC system will improve comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: New Rochelle City School District
• NCES district ID: 3620490
• Math proficiency: 63% ▲ 3.00%
• Reading proficiency: 66% ▲ 9.00%
• Median HH income: $69,165
• Composite: 56.63/100
• National rank: #1139
• State rank: #171 of 590 in NY

Livability — New Rochelle

• Score: 69/100
• State rank: #487
• US rank: #8572

Category grades

Amenities B+ Commute F Cost of living F Crime A Employment A+ Housing D+ Health & safety B+ User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Rochelle, NY
• County: Westchester County · 709,332 people
• City population: 63,657
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 42,754
• Household income: $85,573
• Rent vs Own: 58.9% rent · 41.1% own
• Severe rent burden: 2797.0

Population outlook (Westchester County) Hauer SSP2

• Today (2025): 1,028,035 people
• By 2030: 1,051,636 · +2.3%
• By 2040: 1,098,520 · +6.9%
• By 2050: 1,136,044 · +10.5%
• By 2075: 1,196,925 · +16.4%
• By 2100: 1,175,147 · +14.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: Hispanic / Latino 36% White 30% Black 24% Two or more races 16% Asian 7%
• Hispanic origin (detail): Mexican 17% Puerto Rican 5% Dominican 3%
• Common ancestry: Hispanic 3% Scotch-Irish 1% Romanian 1%
• Foreign-born: 34% · Canada, Jamaica, China
• Languages at home: 54% English-only · Spanish 32% Other Indo-European 5% French/Haitian/Cajun 4%

Political lean MEDSL · Westchester

• 2024 margin: Strong D (+26.3) · D 63.1% · R 36.9%
• 2008→2024 swing: -1.3pp toward R · 2008: 27.6pp · 2024: 26.3pp
• All cycles: 2024: D+26.3 2020: D+36.3 2016: D+32.8 2012: D+22.2 2008: D+27.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -910.37%
• Current HPI: 270.8019
• Rent YoY: ▲ 1.42%
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+126.1% since first listed

11 events — show timeline

• 2026-05-06 Price Changed $1,125,000 OneKey® MLS as Distributed by MLS Grid
• 2026-01-01 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2026-01-01 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-08-22 Price Changed $1,150,000 OneKey® MLS as Distributed by MLS Grid
• 2025-07-29 Listed $1,200,000 OneKey® MLS as Distributed by MLS Grid
• 2023-07-03 Sold (MLS) $860,000 OneKey® MLS as Distributed by MLS Grid
• 2023-04-27 Pending — OneKey® MLS as Distributed by MLS Grid
• 2023-04-17 Listed $889,000 OneKey® MLS as Distributed by MLS Grid
• 2018-04-11 Sold (MLS) $505,000 OneKey® MLS as Distributed by MLS Grid
• 2018-03-28 Contingent — OneKey® MLS as Distributed by MLS Grid
• 2018-03-01 Listed $497,500 OneKey® MLS as Distributed by MLS Grid